Analysts adjusted their ratings on Juniper Networks, Inc. (JNPR), Activision Blizzard, Inc. (ATVI), and Stratasys, Ltd. (SSYS)
Analysts are weighing in today on tech stock
Juniper Networks, Inc. (NYSE:JNPR), video game producer
Activision Blizzard, Inc. (NASDAQ:ATVI), and 3-D printing firm
Stratasys, Ltd. (NASDAQ:SSYS). Here's a quick roundup of today's brokerage notes on JNPR, ATVI, and SSYS.
- JNPR is getting a shot in the arm today, after the company last night beat the Street's earnings and revenue expectations. The stock has gained 4.3% to trade at $31.03, earlier hitting a four-year high of $31.51. This outperformance is nothing new for the shares, which were already boasting a 33% year-to-date advance coming into today. While Juniper Networks, Inc. has received no fewer than six price-target hikes today alone, it still stands to benefit from even more bullish analyst attention. For one, 59% of covering brokerage firms rate the shares just a "hold." Moreover, JNPR's average 12-month price target of $30.06 sits at a discount to current levels. Higher highs could be in store for the outperformer as analysts continue to come around.
- ATVI has been straight fire recently, outperforming the broader S&P 500 Index (SPX) by 37 percentage points over the past 60 sessions. Nothing's changed today; the shares just tagged a record high of $35.44, last seen up 0.3% at $34.85. Fueling the gains is a price-target hike to $38 from $32 at MKM Partners. On the news front, the company yesterday announced it has created a new division devoted to e-sports, with former ESPN CEO Steve Bornstein serving as its chairman. Now, we'll have to see if this price action drives away Activision Blizzard, Inc. bears. Short interest suddenly jumped 24% during the two most recent reporting periods, and it would take over a week for short sellers to buy back their bets, going by average daily volumes. Said simply, ATVI could see additional gains fueled by a short squeeze.
- SSYS, on the other hand, is having a miserable day, after the company last night announced dreadful preliminary third-quarter numbers. Analysts were quick to respond, with Cowen and Company, BofA-Merrill Lynch, and UBS all lowering their price targets, with the latter setting the bar the lowest at $18. The shares have dropped 11.1% today at $27.45, earlier touching another multi-year low of $24.80. It's not bad news for everyone, though. Twenty-six percent of Stratasys, Ltd.'s float is sold short, and it would take over two weeks for bears to repurchase their shorted shares, at the stock's typical trading pace.
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